The internal audit group of the Brown Smith Wallace Risk Services practice has served 50 percent of the publicly owned businesses and dozens of the largest privately owned businesses in the St. Louis metro area. Our diverse capabilities and expertise have enabled us to provide internal audit services to organizations of all sizes within all industries.
Our internal audit engagements range in scope from a risk assessment to the completion of special projects to complete outsourcing of your internal audit function. We bring extensive expertise to your organization in the areas of risk management and process improvement while providing:
- Unequaled IT risk resources and capabilities
- Deliverables completed on-time , within budget
- Global reach
- An internal audit team grounded in client satisfaction
Our risk assessment methodology provides consistent risk and opportunity analysis. We look at risk from the enterprise perspective. Our deliverables include a risk profile; which serves as the foundation for developing a risk-based audit plan, identifies the necessary management initiatives and generates specific recommendations for performance improvement. Our approach will help you determine whether your organization is managing risks appropriately to reach your business objectives.
We have risk assessment products for the entire enterprise including fraud, Sarbanes-Oxley and a variety of specific financial, operational and IT areas. We are often engaged to provide these services by companies that are establishing an internal audit function, or are interested in obtaining more value from their audits by adopting a risk-based audit plan.
Risk-Based Audits and Special Projects
Using our risk-based approach for the area(s) under review, we identify any potential risk to the achievement of your financial, operational and compliance objectives, evaluate the impact on your processes, and determine the likelihood of an occurrence. We also review your policies, procedures, and practices, and identify the internal controls you have implemented to mitigate your risks. We focus on the areas of greatest risk and opportunity, which results in a more cost-effective audit that provides more valuable feedback.
The depth of our talent and our client base has enabled us to develop a host of specialized skills in a number of unique areas that can add value to your organization. Our team has the depth of experience of national firms with the additional benefit of a broad and deep local presence. We have particular expertise in:
| || |
We work with our clients in a variety of ways.
Nationally and Internationally
Often, our St. Louis-based staff travels on assignments for clients across the United States and overseas. However, as an independent firm associated with Moore Stephens, we can also provide you with access to the best and brightest teams of business advisors in North America and all over the world. Moore Stephens is a premier accounting association, ranked 13th in the world, with 650 offices located across the United States and in almost 100 countries worldwide. Here are the types of relationships we develop with our clients:
For organizations that want to maintain control of the audit function but have staffing needs for internal audit professionals, we provide the talent under your direction.
Internal Audit Outsourcing
Sometimes organizations are looking for broader and deeper internal audit expertise than they have internally or are looking for savings. In these cases, we provide the complete internal audit outsourcing function where clients can depend on our best practice approach while realizing cost-effective internal audit service due to savings from:
- Outsourcing the expense of specialize talent rather than maintaining an in-house salary package.
- Effectively managing all contingency costs associated with an internal audit schedule.
- Time and effort required by top management to internally manage the internal audit effort.
We also provide talented professionals on an as-needed basis to some of our clients. Our experienced staff eliminates training time, minimizes work disruption and fosters continuity on assignments.
We recently completed an internal audit and data analytics project with Brown Smith Wallace. The project went very smooth, despite being conducted entirely virtually and between two different cities due to the pandemic. Through the team's project management and thoughtful questions, they were able to create a solution that exceeded my expectations. Rather than requiring me to buy a new visualization tool, they were able to use one we already had to complete the project, saving us time and money. The documentation Brown Smith Wallace developed to accompany the dashboard is exceptional and will continue to support the project in the future.
Jefferson County Public Schools
Jodell Renn, CPA, CIA, CFE, Director of Internal Audit
The University of Missouri System requested that Brown Smith Wallace provide data analysis expertise to analyze our purchasing card transactions over a two-year period. They developed testing criteria in collaboration with the UM System Internal Audit team and other UM System personnel familiar with current p-card processes. Brown Smith Wallace took the time to understand our policies, process workflows, system inputs, reports, prior audit findings and available files for data analysis use. They also worked with UM System personnel to identify and develop data analytic tests, risk assessment criteria, and sampling strategies. UM System personnel will also partner with Brown Smith Wallace to design, develop and implement an ongoing monitoring process for the redesigned One Card processes and controls incorporating the use of data analysis. We appreciate Brown Smith Wallace being a collaborative partner as we work to continuously improve our processes and procedures within the UM System.
University of Missouri
Michelle Piranio, Chief Audit Executive
- Online/Live Webinar, 03.13.2019
- Q1 2019 Public Sector Advisory Risk Briefing: Governance, Culture & Entity-Level Controls @ CityPlace 6First Floor Training Room, CityPlace 6 Cityplace Dr, Creve Coeur, MO 63141, USA, 03.08.2019
- Q1 2019 Public Sector Advisory Risk Briefing: Governance, Culture & Entity-Level Controls @ Blanchette Park Memorial HallBlanchette Park Memorial Hall 1900 W Randolph St, St Charles, MO 63301, USA, 03.07.2019